While boat insurance is not required in Texas, it is not a bad thing to consider.
In the event of an accident, having an insurance policy can be the difference between losing an investment, and recovering your losses. No one wants to end up paying out of pocket for something that could have been insured ahead of time. An insurance policy can cover damage to your boat, and even pay for a replacement if your boat were to become damaged beyond repair.
A boat insurance policy can also protect you from liability, and even offer valuable medical coverage in case of injury.
Read on to see how boating insurance is a good way to protect your investment.
Choose Your Type of Coverage
Most boat insurance policies allow you to choose between “actual cash value” and “agreed value” insurance. Actual cash value costs less initially, but also takes into account depreciation. This means that if a boat becomes totaled while covered by an actual cash value policy, this policy will pay up to the value of the boat at the time it was totaled. While this is a much better alternative to having no insurance, an agreed value policy is much more comprehensive. An agreed value policy covers the value of the boat at the time that the policy was written, and no depreciation is taken into account. An agreed value policy is a great way to ensure your investment is completely covered.
Boat insurance, much like homeowners insurance, typically offers liability coverage. This protects you from liability, if someone were to bring a lawsuit against you after being injured on your boat. Liability also offers coverage should your boat cause damage to other boats, docks, or even people.
You can also purchase additional coverage for theft, vandalism, and personal property protection. This coverage can extend to cover additional equipment that you may have onboard your boat. Equipment such as fishing robs, navigational equipment, and trolling motors can be included on an additional coverage policy. Other types of additional coverage include:
Flexible and Affordable
Unlike other types of insurance, boat insurance allows you to suspend coverage for specific times when you are not using the boat, or when it is out of season. Oftentimes, you can receive rate deductions for the times that you are not using your boat.
Your boat is an investment; an insurance policy can help you protect it.
For more information on boat insurance, contact Texas Insurance. (877) 952-1010
One of our agents would be happy to discuss policy options with you, or answer any questions you may have.